Philadelphia residents representing 55 ZIP codes support the $1.55 billion private investment in Market East for its significant benefits to the city and beyond
Philadelphia, PA (January 25, 2024) – Today, the 76 Place at Market East team announced it has collected more than 30,000 petition signatures from Philadelphia residents and commuters to build a new arena in Market East.
As part of the 76 Place development team’s robust community engagement process consisting of over 100 meetings with community stakeholders, virtual information sessions and large public meetings, the team is investing in informational canvassing to ensure people have facts about the project and an opportunity to get answers to their questions. Through the canvassing process, the team has collected more than 26,000 signatures of support from Philadelphia residents representing 55 ZIP codes and an additional 4,000 signatures of support from commuters, an important driver of the Center City economy.
“Despite the 76 Place development team’s best efforts to make information available on the project, there continues to exist misinformation and canvassing allows our team to meet people where they are to provide facts and answer questions,” said David Adelman, chairman of 76 DevCo. “This $1.55B private investment in Market East is a once-in-a-generation opportunity to help revitalize the heart of our City and give the Philadelphia 76ers and their fans the arena they deserve – at no cost to city taxpayers. We are glad to see that tens of thousands of Philadelphians see our vision as a slam dunk that will deliver substantial benefits to the City and beyond.”
The key benefits of the project that resonate with supporters include:
Generation of $1.5B in new tax revenues: The project will generate significant new tax revenues for the City of Philadelphia, School District of Philadelphia, and the Commonwealth of Pennsylvania. Analysis conducted by Econsult and Municap estimates that the arena will generate nearly $1.5 billion in new tax revenues, including $200 million for the school district, $800 million for City, and $470 million for the state until the end of the 30-year lease term.
Catalyst for improved public safety: The arena and associated mixed-income residential building will help address the neighborhood’s safety challenges by creating more foot traffic than presently exists in Market East, which is proven to drive increased safety. The team is committed to creating a Clean and Safe Program that addresses the many facets of public safety, including, but not limited to lighting, security tech and human resources.
Historic $50M Community Benefits Agreement: The team is committed to making an upwards of $50 million legally binding Community Benefits Agreement (CBA), which will be the largest in the history of Philadelphia and one of the largest in the United States for a sports and entertainment project.
Historic participation for Black economic opportunity: The team is committed to having forty percent (40%) of the businesses participating in food and beverage operations at the arena be Black-owned, and partnered with the African American Chamber of Commerce to create a $2 million fund to prepare businesses for that opportunity.
More events for an underserved market: Philadelphia is missing out on events because there is only one arena. The city was once home to two arenas — The Wells Fargo Center and The Spectrum — and had the demand to support both for nearly 15 years. The Wells Fargo Center is booked most of the year with Flyers games, Sixers games, and concerts. As a result, Philadelphia hosts far fewer events than would be expected for a market its size according to Pollstar. CAA ICON, an industry-leading sports and entertainment consultant, conservatively estimates Philadelphia can support an additional 50 events from today’s level. Industry leaders from Live Nation, Feld Entertainment, and Oak View Group have all publicly supported Philadelphia’s need for a second arena and the ability to bring new revenue into the city that couldn’t exist before because of scheduling conflicts.
In addition to the more than 30,000 Philadelphia residents and commuters who have signed the petition, the project has garnered widespread support from citywide and community stakeholders. The project is supported by influential organizations, including the Service Employees International Union (SEIU), Eastern Atlantic States Regional Council of Carpenters (EAS Carpenters Union), Philadelphia Building and Construction Trades Council, Building Industry Association (BIA), Black Clergy of Philadelphia and Vicinity, Inc., African American Chamber of Commerce (PA, NJ, DE), Market Street East Improvement Association, Goldman Properties, Brickstone Realty Corporation, National Real Estate Development, Parkway Corporation, Loews Hotel Philadelphia, and the Pennsylvania Restaurant & Lodging Association.
For more information on 76 Place, visit: www.76place.com. For media interviews, contact: MediaRelations@76Place.com
